Negative Eqity Mortgage .. but wanting to move.

MRSW78

Hi Guys,
I am currently in negative equity on my mortgage .. at a guess by around £15k - £20k. I am wanting to move home. Does anyone know if the following is possible .. To make a house purchase on a much lower house value, and take add the 'negative equity' onto a new mortgage on a new house ? ? Or do I have to wait for another 10 - 20 years to get out of the negative equity ? What are my options ?

Thanks in advance.

Thrugelmir

Then you need to cut back on your outgoings and pay down the mortgage as a first step.

Do you have savings to fund the move and put a deposit down on the new property?

MRSW78

Thrugelmir,
Thank you for your reply, but this does not help.

brit1234

I do think the chancellor has missed a gem in getting the housing market and the economy going. As a nation we do need a system of negative equity mortgages where people can move to properties of equal or less value.

Now with government schemes such as shared equity and helped to buy increased members of the public will be trapped in negative equity. Many of these schemes you enter negative equity instantly.

In the mean time you are trapped and best to follow Thrugmires advise and overpay to the max on your mortgage while rates are low.

titusbungle

I'm in the same position as you, there is pretty much nothing you can do unless your mortgage is with Nationwide or Lloyds TSB who do offer help. We have been saving for years and making mortgage overpayments, we're in a one bed apartment and wanting to start a family, we're unable to change to BTL so have to pay the difference in what we owe and the sale price to be able to move. Good luck and my advice is get saving and overpay as much as you can afford each month

Yorkie1

MRSW78 wrote: »

Thrugelmir,
Thank you for your reply, but this does not help.

What answer were you looking for?

Thrugelmir was only being honest.